With each passing day, a new realization for at least two American automakers is that of an inevitable bankruptcy filing.  Is that really a big surprise to anyone, though?  In a post several months ago, the big question was who these automakers thought would be buying new cars in this economy.  Massive lay-offs, skyrocketing personal bankruptcies and foreclosures are all repercussions of the recession we’re neck deep in and with no real light at the end of the tunnel.  When the “Big 3″ approached the government for bailout money several months ago, many knew it most likely wouldn’t end well.  Today’s news regarding both GM and Chrysler is proof of no ‘happily ever after’.

So where did the billions of dollars go?  The one big question that hasn’t been answered is whether or not this will be included in the bankruptcy filings.  Because of the parameters defined when the money was

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released, it’s difficult to categorize it in such a way that would determine if it’s even eligible for inclusion in a Chapter 11 bankruptcy.  But where was it spent?  Who received it?  And for a group of people who were running some of the largest companies in America, how could they have been so wrong about their insistence that it would be the cure-all for all that ailed them in these tough economic times?  Surely they knew there wouldn’t be a customer base in a position to purchase new automobiles.  The numbers don’t lie.  Each month reveals alarming numbers of newly unemployed people, company closings and other economic nightmares.

And what happens when people lose their jobs?  Their credit ratings start slipping.  This only serves as yet another obstacle that would prevent someone from buying a new car or truck.  This latest development has left many feeling as though they’ve been kicked in the teeth.  Unfortunately, the odds of other companies in different sectors who were recipients of some of the bailout funds will most likely find themselves facing the same fate.

If these automaker’s bankruptcies do come full circle, maybe they’ll find themselves next to others and lawyers in courtrooms who were forced into personal bankruptcies.  They’ll be able to see first hand how difficult it is for many who didn’t have the luxury of sweet talking a committee of politicians into releasing billions of dollars to pay the bills.

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I’ve only been catching the highlights of the hearings this week from the “Big 3″ automakers, mostly because I can’t seem to get my mind around the justifications. I understand the importance of remaining in business. Regardless of the layoffs they’ve already incorporated, closing their doors only ensures those remaining would be unemployed. But what I can’t understand is how to plan to remain in business six months from now. The new unemployment numbers come out later today and with last month’s numbers above 6% coupled with words like, “frightful”, “skyrocketed” and other adjectives used to tease us from those who’ve already seen these numbers, I’m doubtful any of us will be shopping for new cars. In fact, my own personal list of priorities go something like this:

· Keeping myself with a roof and four walls

· Ensuring Christmas happies for my family

· Keeping groceries in the cabinets and diet Coke in the fridge

· Keeping the utilities going

I’m sure my priorities are no different than any other Americans’ own lists. If you’ll notice, there’s no mention of any contributions via the purchase of a new car to any of these troubled auto manufacturers. Again, I tend to believe that’s applicable to other Americans too. My question is, even if we bail these companies out, and we’re currently not buying new cars, what makes Congress and these CEOs believe this is their “cure-all”? If folks aren’t running to their local dealerships now, they certainly won’t be doing so six months from now either. In fact, here are the major headlines this morning:

· Viacom to slash 850 jobs in response to the economic downturn (Yahoo News)

· Employers shedding jobs as recession deepens (Drudge Report)

· Employers cut 533k jobs in November, most in 34 years (Associated Press)

I’m just incredulous this is even being entertained. In fact, I’m amazed it’s even a priority at all. Even with their claims of keeping employees with jobs, it simply doesn’t ring true. And for them to threaten us with bankruptcy is a joke. It’s as though they’re saying, “Well, if you don’t help us, we’ll just file bankruptcy” and deliver this statement with an undercurrent of “do it or else”.

My favorite late night jab, courtesy of Jon Stewart, asks if these executives were schooled in how negotiations work. He said (and I’m paraphrasing) if they didn’t receive the 25 billion last month, what made them think they could come back this month and request 34 billion and were they under the impression Congress declined their earlier request because it was too low a number? I think many of us are wondering that very thing.

So as the vast majority of Americans are preparing to head off to their jobs and have redefined a “productive day at the office” as the absence of a pink slip, the head honchos of the automakers prepare to face Congress yet again so they can resume their martyred presences with declarations of “I carpooled here and we split the costs about fifty-fifty”. Welcome to the real world, gentlemen. Carpooling has been an acceptable cost-cutting measure for years.